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作者：Bhowal, Subhendu; Subramanian, Krishnamurthy; Tantri, Prasanna
作者单位：Massachusetts Institute of Technology (MIT); Indian School of Business (ISB)
摘要：Job rotation inside an organization creates two conflicting effects. It disciplines agents by creating the fear that their successors may discover and report their hidden information. Thus, the agent takes actions that align with the principal's objective. However, job rotation can create a moral hazard problem. If information is soft and therefore, non-verifiable, the principal cannot attribute blame to the agent or the successor. Agents shirk, thereby hurting performance. Thus, the importanc...
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作者：He, Pu; Zheng, Fanyin; Belavina, Elena; Girotra, Karan
作者单位：Columbia University; Cornell University
摘要：We study customer preference for the bike-share system in the city of London. We estimate a structural demand model on the station network to learn the preference parameters and use the estimated model to provide insights on the design and expansion of the bike-share system. We highlight the importance of network effects in understanding customer demand and evaluating expansion strategies of transportation networks. In the particular example of the London bike-share system, we find that alloca...
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作者：Fitzgerald, Tristan; Balsmeier, Benjamin; Fleming, Lee; Manso, Gustavo
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Luxembourg; University of California System; University of California Berkeley; University of California System; University of California Berkeley
摘要：Because of the intangible and highly uncertain nature of innovation, investors may have difficulty processing information associated with a firm's innovation search strategy. Due to cognitive and strategic biases, investors are likely to pay more attention to unfamiliar explorative patents rather than incremental exploitative patents. We find that innovative firms focusing on exploitation rather than exploration tend to generate superior subsequent short-term operating performance. Analysts do...
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作者：Moon, S. Katie; Phillips, Gordon M.
作者单位：University of Colorado System; University of Colorado Boulder; Dartmouth College; National Bureau of Economic Research
摘要：We examine firm and industry characteristics associated with outsourcing and the relation between outsourcing and capital structure using a unique database of outsourcing purchase contracts. We find that highly valued, profitable firms with high-value added per employee and suppliers farther away with higher competition are more likely to outsource using purchase contracts. In addition, we document that firms that operate in industries with more severe import penetration and fewer fixed assets...
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作者：Negro, Giacomo; Williams, Melissa J.; Pontikes, Elizabeth G.; Lopiano, Gabrielle
作者单位：Emory University; University of California System; University of California Davis
摘要：Destigmatization is an understudied social process in which the negative outcomes for a previously stigmatized group improve. We theorize that during a period of destigmatization, the effects of stigma persist more strongly for people stigmatized by association than for those directly stigmatized. We propose that this occurs because, during periods of destigmatization, conscious prejudice has diminished but nonconscious prejudice remains, so people correct for their explicit biases toward indi...
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作者：Augustin, Patrick; Tedongap, Romeo
作者单位：McGill University; McGill University; ESSEC Business School
摘要：We solve a dynamic equilibrium model with generalized disappointmentaversion preferences and continuous state-endowment dynamics. We apply the framework to the term structure of interest rates and show that the model generates an upwardsloping term structure of nominal interest rates and a downward-sloping term structure of real interest rates and that it accounts for the failure of the expectations hypothesis. The key ingredients are preferences with disappointment aversion, preference for ea...
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作者：Giannetti, Mariassunta; Yu, Xiaoyun
作者单位：Stockholm School of Economics; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We show that, following shocks that change an industry's competitive environment, firms with more short-term institutional investors experience smaller drops in sales and investment and have better long-term performance than similar firms affected by the shocks. To do so, these firms introduce new products, file more trademarks, intensify their innovation efforts, conduct more diversifying acquisitions, and have higher executive turnover in the aftermath of the shocks. Our findings suggest tha...
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作者：Robitaille, Nicole; House, Julian; Mazar, Nina
作者单位：Queens University - Canada; Boston University
摘要：This paper investigates the effectiveness of planning prompts on organizations' tax compliance behavior. We conducted a large-scale, multi-wave field experiment examining the tax-paying behavior of all organizations that failed to file timely annual returns for a payroll tax in the province of Ontario. Organizations were randomly assigned to receive one of two letters: Ontario's standard late notice (control) and a revised experimental late notice, which included step-by-step instructions of w...
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作者：Bhaskarabhatla, Ajay; Cabral, Luis; Hegde, Deepak; Peeters, Thomas
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; New York University
摘要：In this study, we empirically assess the contributions of inventors and firms for innovation using a 37-year panel of U.S. patenting activity. We estimate that inventors' human capital is 5-10 times more important than firm capabilities for explaining the variance in inventor output. We then examine matching between inventors and firms and find highly talented inventors are attracted to firms that (i) have weak firm-specific invention capabilities and (u) employ other talented inventors. A the...
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作者：Kuksov, Dmitri; Zia, Mohammad
作者单位：University of Texas System; University of Texas Dallas; Chapman University System; Chapman University
摘要：Managers have long appreciated having loyal customers, and academic research has explored the benefits of loyal consumers as coming from reduced price competition. This paper extends this research by considering how loyalty affects firms' decisions to facilitate search for nonloyal consumers. We show that in equilibrium, the store with more loyal customers ends up having lower search costs even if facilitating search is costless. The intuition for this result is that nonloyal consumers expect ...
